MANILA, Philippines — A subsidiary of Global Business Power Corp. (GBP) has been cited for compliance to wholesale electricity spot market (WESM) rules.

In a statement, GBP said subsidiary Panay Energy Development Corp. (PEDC) has been named by the Philippine Electricity Market Corp. (PEMC) as among the 10 generating companies with the least number of violations of market rules.

PEDC has a combined gross capacity of 314 megawatts (MW).

Each scheduled generator is required to comply with the must-offer rule (MOR) and real-time dispatch (RTD) deviation.

Any violation of the rules, meanwhile, will result in the imposition of penalties.

GBP head commercial and strategy Philip Dasalla cited the need for market participants to continuously adhere to WESM rules and regulations.

“Following WESM rules ensure that efficiency gains are maximized, as price signals pressure businesses to reduce costs, align process, and use their assets more effectively,” he said.

Since 2018, PEMC has served as a governance body under the regulatory oversight of the Department of Energy and the Energy Regulatory Commission, tasked with monitoring compliance by market participants.

The WESM operation was turned over to the Independent Electricity Market Operator of the Philippines Inc. in line with the thrust of the Electric Power Industry Reform Act (EPIRA) for the market to be run by an independent market operator.

When US Secretary of State Mike Pompeo visited last week, he made assurances his country would come to the Philippines’ defense in the event of an armed attack on our vessels and aircraft in the South China Sea.

President Duterte and visiting Malaysian Prime Minister Mahathir Mohamad emphasized yesterday the importance of freedom of navigation and overflight in the South China Sea in maintaining peace and progress in the region, which is grappling with territorial disputes as well as China’s muscle-flexing.